People may know they need an estate plan, but that can mean different things to different people. Anyone in Michigan who attempts to create an estate plan will need to understand what their estate actually entails. It is then important to understand what one's wishes are and how to make that happen efficiently and cost-effectively.
A person must first and foremost understand what their estate includes. A good place to start is to outline a person's net worth. It can be very difficult to divvy up wealth without understanding what kind of assets actually exist. Net worth is determined by taking the worth of assets and subtracting any liabilities, which is all debts. Appraisals of assets may be necessary to conduct this important step.